Saudi Firm Investing In Suez Canal Targets EGP 300bn In Capital: Sheikh Kamel

A group of Saudi investors have founded “Josoor” – a company backed by EGP 3bn in capital which aims to take this figure to LE300 billion within five years, according to Chairman of the Saleh Kamel Center of Islamic Economics Sheikh Saleh Kamel.

The company is working to provide consultations for the Suez Canal project, Kamel said during a conference with Arab investors on Sunday.

Kamel said that an initial public offering (IPO) started Saturday collected approximately LE1.5 billion in one day, with investments expected to reach approximately EGP 3bn in eight days.

On 22 November, Egyptian Prime Minister Ibrahim Mehleb met with several Saudi investors, who stressed that their investments in Egypt will be increasing in the coming period.

During the meeting, Mehleb informed the Saudi investors that Egypt is working seriously on solving the problems facing potential investors. He also promised that solutions will be provided for them as soon as possible.

Approximately EGP 2bn will be invested by a Saudi company in industrial and logistical zones in the Egyptian global logistics project. The announcement came after the Egyptian government took steps to resolve a problem faced by Saudi company El-Rehab.

In a statement by the Saudi-Egyptian Businessmen’s Association on Saturday, association chairman Mohamed El-Rajhi expressed his deep gratitude to the Egyptian government.  The rapid response by the government encouraged El-Rehab Company to pump investments in the global logistics project, the statement added.

According to the statement, a dispute occurred between the Egyptian Urban Communities Authority and El-Rehab Company over one of the spaces owned by the Saudi company.

The statement added that several news agencies published false information, stating that the area belonging to the company was now part of the global logistics project in Damietta. This was later denied by the Minister of Supply Khaled Hanafy.

Hanafy clarified that the Saudi company’s land lies near the logistics project in Damietta and is not part of the project’s space. The Egyptian government also took fast steps to resolve the conflict, and announced the exclusion of the area owned by the Saudi company from the logistics project.

Source: Daily News Egypt